PepsiCo on Monday said that Indra Nooyi will step down as its chief executive officer on October 3. The company’s board of directors has selected Ramon Laguarta to succeed Nooyi.
Nooyi, who was born in India, is the first foreign-born CEO of PepsiCo and the first woman to lead the multinational food and beverage corporation, whose revenue topped $63 billion last year, according to Bloomberg.
Nooyi will remain the chairman until early 2019 to ensure a smooth transition, the company said. “Her leadership and vision propelled our performance, transformed our company and embedded sustainability into everything we do,” PepsiCo said.
Nooyi has worked with the company for 24 years, spending the last 12 years as its CEO. “Leading PepsiCo has truly been the honour of my lifetime, and I’m incredibly proud of all we have done over the past 12 years to advance the interests not only of shareholders, but all our stakeholders in the communities we serve,” she said in a statement.
“Growing up in India, I never imagined I’d have the opportunity to lead such an extraordinary company,” Nooyi said. “PepsiCo today is in a strong position for continued growth with its brightest days still ahead.”
Nooyi said Ramon Laguarta is “exactly the right person” to help build PepsiCo’s success. “He has been a critical partner and friend and I am positive that he will take PepsiCo to new and greater heights in the years to come.”
Laguarta has worked with PepsiCo for 22 years and served as the chief executive officer of the Europe Sub-Saharan Africa division. He became president of PepsiCo last year, overseeing its global operations, strategy, public policy and government affairs.